Do you convert earnings before you withdraw from Paypal?
April 3, 2016 5:46pm CST
One of the reasons why I don't withdraw my money from paypal. It was only later that I've discovered that the exchange rate between dollars and my currency here is lower than what you see in money exchange stores. Although before it was just a dollar difference, but lately the gap reached almost two dollars. This is why I won't get it until it goes up again. I know it's a tough discipline not to spent it, but I've seen others done it and I did this with bubblews before. maybe once it's reaches the amount were you don't need to pay the processing fee. I wonder if any body does this too?
22 people like this
I think the rate for money exchange stores is always slightly better. I don't withdraw my money from paypal, because I usually use the money to purchase things online from United States. I have no idea if this will be better, but I have just allocated those money I earned online to buy any educational resources or homeschooling supplies. There was once I transferred the money to my bank account, and it has reached the amount that I didn't need to pay the processing fee. I used it to buy a tablet.
3 people like this
More often than not, the By changing from USD to Canadian dollars means the money grows. So I just got $8.02 USD and the equivalent in Canadian is over $10. I haven't changed it, as I have a plan for it that does not require me to change it.
• Cagayan De Oro, Philippines
Dollar rate in peso exchange will never goes up again this year due to money laundering scam in billions .Money from Bangladesh deposited in United States transferred illegally by some Filipino-Chinese businessmen and to be deposited scatteredly to the different bank branches of bank of RCBC.What a shame, fools, greedy people.May they rot in hell.
Hello @cacay1 Then there's no reason for me to withdraw the money yet because of this dilemna done by some businessmen and bank officials. I can't believe what these people can do in the name of money, which they worship so bad.
• Cagayan De Oro, Philippines
@Letranknight2015 , Better withdraw your money.Transfer it to your pay pal affiliated bank. There is also scam there in pay pal.3 years ago my money there $9 was transferred to an account I haven't applied.Pay pal was able to trace that site, but my mo my was not returned. That is why Pay Pal is careful in dealing with transactions to anyone.Transfer your money to the bank.Never mind the dollar rate.it is P 44 per dollar.
• Mangalore, India
There is no opportunity in our case to let the money stay on in paypal account because according to Indian RBI rules the money that comes into paypal has to be deposited into the persons bank account within 7 days and this is done automatically and at times the amount is so ridiculously small..
Hello @frankirung I think it's safe to say that you should not withdraw your money from mylot until it reaches the amoung were you can spent it. just make sure that your account doesn't get hacked or don't violate rules. I know you don't the feeling of loosing an account w/ 40$ in it like what happened to me back in 2009.
No, I think Paypal is the one converting my money and it says, the rate is already inclusive of the conversion fee, if I am correct, once you withdraw it. I don't withdraw my money right away. I always try to avoid the processing fee of P50. Hihihi That is because aside from that, my bank also charges P110.
• United Kingdom
I always had mine converted to British Pounds, but the last twice I've been paid it's been in US dollars. I queried it, but it seems a complicated process to convert it myself, so I've left it as it is. So I've got the two currencies sitting there - I won't be spending it yet anyway.